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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.08%, DAX (0.04%), CAC40 +0.13%

Nov 19 ,2025

  • Synopsis

    • European equity markets are set for a slightly positive open with the exception of Germany. Asian equity markets mostly lower, though weakness fairly contained. Nikkei firmer. Shanghai Composite higher. US equity futures slightly weaker with S&P down 0.1%. US markets closed mostly lower on Tuesday. S&P posted fourth straight decline.

    • Press discusses increased confidence among European firms for 2026 earnings outlook. European corporate updates have largely surprised expectations for Q3, though this might be due to low bar into reporting season. Meanwhile, yesterday's BofA survey showed fund managers cut exposure to UK stocks at the fastest pace since the Truss mini budget in November. Inconsistent policy communication from government ahead of next week's budget has contributed to recent underperformance in UK assets.

    • In central banks, Bundesbank's Köhler-Geib speech at 9:00CET at Euro Finance Tech Day, DFV Euro Finance Group. ECB's Buch speech at 12:30CET at 2025 EBA Policy Research Workshop. Latvia central bank's Rutkaste participates in the TV24 program "The Price of Money". Iceland central bank interest rate decision. FOMC minutes released after EU market close. EU-Tajikistan Cooperation Council.

    • In politics, UK weekly PMQs at 12noon GMT whilst the Border Security, Asylum and Immigration Bill continues it passage through parliament. Committee topics include work of the Dept for Work and Pensions at 9:15, GB Energy and the net zero transition 9:30 and UK's future relationship with the US 14:00. EU Commission expected to present proposals on Supplementary pension products. Annual Conf of the Insurance Supervision Board of BaFin.

    • In earnings, VINCI (DG.FP) reported Oct airport passenger traffic +3.9% whilst Interparfums (ITP.FP) is out with preliminary FY revenue ~ €890M vs guidance ~€900M and FactSet €900.9M [11 est, €891-909M]. Dätwyler Holding (DAE.SW) said it expects EBIT margin more than 17% in medium term whilst NKT (NKT.DC) announced medium-term financial ambitions for 2030 and said it is launching its new corporate strategy "Charging Forward ". In Southern Europe, eDreams ODIGEO (EDR.SM) sets new accelerated growth target to reach over 13M Prime members by 2030, 40% above market consensus and Mota-Engil (EGL.PL) reports 9M net income €92M, +19% vs year-ago €77M.

    • Also due to report today are Sage Group (SGE.LN), Severn Trent (SVT.LN), British Land Co. (BLND.LN), Jet2 (JET2.LN),

    • Novartis (NOVN.SW) day 1 of 2, ASSA ABLOY (ASSA.B.SS), Nokia (NOKIA.FH), Glanbia (GL9.ID), Ipsos (IPS.FP), Yubico (YUBICO.SS), Deutsche Rohstoff (DR0.GR) and Dätwyler Holding (DAE.SW) host CMDs/investor events.

    • Amongst events are DI's Sustainable Business 2025 (through Thu), Bloomberg New Economy Forum (through Fri) speakers include CEO's of Ashmore Group (ASHM.LN) and HSBC (HSBA.LN) as well as Fitch host event on Greece as well as a day of dialogues and round table on credit trends in Spain and Europe.

  • Macro

    • Rachel Reeves looks to shield small businesses from tax rises - The Times

    • UK government to line up bankers for British Steel sale - FT

  • Top company news

    • Earnings/updates

      • Benelux:

        • FLOW.NA (Flow Traders) -- reports October 2025 ETP market statistics

        • CFEB.BB (Cie d'Entreprises CFE) -- reports 9M revenue €768.7M, (11%) vs year-ago €866.4M; confirms outlook for 2025

      • DACHs:

        • DAE.SW (Dätwyler Holding) -- expects EBIT margin more than 17% in medium term

        • KTCG.AV (Kapsch TrafficCom) -- reports H1 EPS €0.18 vs year-ago (€0.73)

      • France:

        • DG.FP (VINCI SA) -- Vinci reports Oct airport passenger traffic +3.9%

        • ITP.FP (Interparfums) -- reports preliminary FY revenue ~ €890M vs guidance ~€900M and FactSet €900.9M [11 est, €891-909M]

        • ALATI.FP (Actia Group) -- reports Q3 revenue €134.1M vs FactSet €121.9M [1 est]

      • Nordics:

        • NKT.DC (NKT) -- announces medium-term financial ambitions for 2030; launching its new corporate strategy "Charging Forward "

        • NEXT.NO (Next Biometrics Group) -- reports Q3 EPS (NOK0.16) vs year-ago (NOK0.19)

        • VOW.NO (Vow) -- reports Q3 EPS (NOK0.30) vs year-ago (NOK0.20)

        • CANTA.SS (Cantargia) -- reports Q3 EPS SEK1.07 vs FactSet (SEK0.17) [1 est]

        • BIOPOR.DC (BioPorto) -- reports Q3 net loss (DKK23.3M) vs year-ago (DKK20.9M); FY25 guidance unchanged

      • Southern Europe:

        • EDR.SM (eDreams ODIGEO) -- sets new accelerated growth target to reach over 13M Prime members by 2030, 40% above market consensus

        • EGL.PL (Mota-Engil) -- reports 9M net income €92M, +19% vs year-ago €77M

    • M&A

      • WHA.NA (Wereldhave) -- acquires shopping center Ville2 in Charleroi, Belgium from Everbel SA for €120M

      • ICG.LN (ICG) -- Amundi confirms acquired 4.64% of ICG's share capital in a structured transaction; reaffirms intends to acquire a total economic interest of 9.9% in ICG

      • XOM (Exxon Mobil) -- (XOM), Chevron (CVX) looking at Lukoil's stake in the Irag's West Qurna 2 field - Bloomberg

      • ABI.BB (Anheuser-Busch InBev) -- nearing $700M deal to acquire BeatBox - media report

      • GS (Goldman Sachs) -- Affinity Equity Partners to fully divest 100% stake in Burger King Japan Holdings to Goldman Sachs Alternatives; terms undisclosed

      • BHP.AU (BHP Group) -- Sandfire Resources believed to interested in BHP's West Musgrave nickel project - The Australian

      • LKOH.RU (Lukoil) -- Follow-up: Exxon Mobil joins Chevron in looking at Lukoil's international assets - Bloomberg

      • PKTM.SW (PIERER Mobility) -- Bajaj Auto completes acquisition of shares in Pierer Bajaj AG

      • EMR Capital to revive Ravenswood gold mine sale process - The Australian

    • Healthcare

      • ROG.SW (Roche Holding) -- European Commission approves Roche's Lunsumio subcutaneous for relapsed or refractory follicular lymphoma

      • GMAB.DC (Genmab) -- prices private offering of senior secured notes and senior unsecured notes; completes syndication of new senior secured term loan facility

      • 4523.JP (Eisai) -- to present new data on lecanemab at CTAD conference to be held in San Diego 1-Dec to 4-Dec

      • BINV.SS (BioInvent International) -- Transcript Intelligence: BioInvent International at Jefferies Global Healthcare Conference

    • Other

      • MBG.GR (Mercedes-Benz Group) -- quietly abandons luxury strategy; pursuing new plan-- Handelsblatt

      • VIRI.FP (Viridien) -- board splits functions of Chair and CEO; Sophie Zurquiyah remains as Chair; company appoints Henning Berg as Group CEO

      • BWE.NO (BW Energy) -- issues second update on Kudu appraisal well

      • SHOT.SS (Scandic Hotels Group) -- Eiendomsspar AS has sold 14.7M shares in Scandic Hotels Group AB, corresponding to ~6.8% of shares

      • KER.FP (Kering) -- CEO de Meo says must downsize, reduce Gucci reliance and chase more synergies -- Reuters, citing memo

      • ABBN.SW (ABB Limited) -- Transcript Intelligence: ABB Limited Capital Markets Day

      • VOW.GR (Volkswagen) -- cutting costs of developing EVs in India and seeking local partner to help boost market share - Bloomberg

      • SW.FP (Sodexo) -- announces change to North America leadership

      • NHY.NO (Norsk Hydro) -- signs new $1.60B and $800M sustainability-linked revolving credit facilities

      • ICG.LN (ICG) -- Credit Agricole S.A. reports 4.64% stake in ICG plc -- filing

      • ODL.NO (Odfjell Drilling) -- receives confirmation from Aker BP to extend firm contract period for use of Deepsea Nordkapp by one year

      • OPM.FP (OPmobility) -- and Yanfeng strengthen their Chinese joint venture YFPO with new activities

  • Key rating changes

    • Upgrades

      • S92.GR (SMA Solar Technology) -- to buy from hold at Jefferies

    • Downgrades

      • AMS.SW (ams-OSRAM) -- to reduce from hold at Kepler Cheuvreux

    • Initiations

      • DEZ.GR (Deutz AG) -- buy at Berenberg

      • CIRSA.SM (Cirsa Enterprises) -- outperform at Santander

      • OBCK.GR (Ottobock SE & Co.) --

        • buy at BofA

        • buy at Kepler Cheuvreux

  • Data

    • Nikkei (0.34%) to 48537.70

    • Hang Seng (0.35%) to 25839.11

    • Shanghai Composite +0.27% to 3950.41

    • S&P futures (9.3) vs prior close of 6639.8

    • €-$ +0.0007 or +0.06% to 1.1588

    • $-¥ (0.06) or (0.04%) to 155.45

    • €-¥ +0.03 or +0.02% to 180.13

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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